NOV (NYSE:NOV) Hits New 1-Year Low - Here's Why

Shares of NOV Inc. (NYSE:NOV - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $13.77 and last traded at $13.84, with a volume of 1216145 shares trading hands. The stock had previously closed at $15.30.

Analysts Set New Price Targets

NOV has been the topic of several recent analyst reports. ATB Capital reissued a "sector perform" rating and issued a $19.00 target price on shares of NOV in a report on Tuesday, December 10th. Evercore ISI restated an "in-line" rating and issued a $18.00 price target (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Raymond James upped their target price on NOV from $18.00 to $19.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Barclays increased their target price on NOV from $12.00 to $13.00 and gave the stock an "underweight" rating in a report on Tuesday, February 18th. Finally, Piper Sandler raised their target price on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, NOV presently has an average rating of "Hold" and a consensus price target of $19.60.

NOV Trading Down 7.0 %

The firm's 50-day moving average price is $14.85 and its 200 day moving average price is $15.29. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 6.90, a P/E/G ratio of 1.02 and a beta of 1.35. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26.

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NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. As a group, equities analysts expect that NOV Inc. will post 1.4 EPS for the current year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.30 annualized dividend and a dividend yield of 2.70%. NOV's dividend payout ratio is currently 18.63%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOV. Dimensional Fund Advisors LP increased its stake in NOV by 13.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 16,793,128 shares of the oil and gas exploration company's stock valued at $245,178,000 after purchasing an additional 1,934,243 shares in the last quarter. Pacer Advisors Inc. grew its stake in NOV by 12,344.0% during the fourth quarter. Pacer Advisors Inc. now owns 12,309,433 shares of the oil and gas exploration company's stock valued at $179,718,000 after acquiring an additional 12,210,514 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of NOV by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 6,697,650 shares of the oil and gas exploration company's stock valued at $97,815,000 after purchasing an additional 302,009 shares in the last quarter. Ameriprise Financial Inc. raised its position in NOV by 40.7% during the fourth quarter. Ameriprise Financial Inc. now owns 5,718,408 shares of the oil and gas exploration company's stock valued at $83,489,000 after purchasing an additional 1,652,917 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of NOV by 22.1% during the 4th quarter. Van ECK Associates Corp now owns 5,182,044 shares of the oil and gas exploration company's stock worth $75,658,000 after purchasing an additional 938,866 shares during the period. 93.27% of the stock is currently owned by institutional investors.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.